The European Union's (EU's) push for common standards on bank structure faltered as European Parliament lawmakers rejected a version of the draft law put forward by lead legislator Gunnar Hoekmark.

The assembly's Economic and Monetary Affairs Committee shot down Hoekmark's proposal in a May 26 vote. Hoekmark, a Swedish member of the center-right European People's Party, the parliament's largest group, put the result down to an alliance of left-leaning lawmakers and "extremes" on the committee.

"The urgently needed bank-structure reform is degenerating into farce," Sven Giegold of the Green group said in a statement. Hoekmark's attempt to "force through his lobby-driven proposal was foiled by the coordinated resistance of social democrats, leftists, and Greens," Giegold said.